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"Kobrak, Christopher"
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Banking on global markets : Deutsche Bank and the United States, 1870 to the present
\"Banking on Global Markets uses the story of the U.S. business and political dealings of Germany's largest bank to illuminate important developments in the ongoing globalization of major financial institutions. Throughout its nearly 140-year-long history, Deutsche Bank served as one of Germany's principal vehicles for forging economic and other links with the rest of the world.\"--Jacket.
BOOK
From Wall Street to Bay Street : the origins and evolution of American and Canadian finance
\"The 2008 financial crisis rippled across the globe and triggered a worldwide recession. Unlike the American banking system which experienced massive losses, takeovers, and taxpayer funded bailouts, Canada's banking system withstood the crisis relatively well and maintained its liquidity and profitability. The divergence in the two banking systems can be traced to their distinct institutional and political histories. From Wall Street to Bay Street is the first book for a lay audience to tackle the similarities and differences between the financial systems of Canada and the United States. Christopher Kobrak and Joe Martin reveal the different paths each system has taken since the early nineteenth-century, despite the fact that they both originate from the British system. The authors trace the roots of each country's financial systems back to Alexander Hamilton and insightfully argue that while Canada has preserved a Hamiltonian financial tradition, the United States has favoured the populist Jacksonian tradition since the 1830s. The sporadic and inconsistent fashion in which the American system have changed over time is at odds with the evolutionary path taken by the Canadian system. From Wall Street to Bay Street offers a timely and accessible comparison of financial systems that reflects the political and cultural milieus of two of the world's top ten economies\"--Provided by publisher.
Book
European Business, Dictatorship, and Political Risk, 1920-1945
For much of the twentieth century, the prevalence of dictatorial
regimes has left business, especially multinational firms, with a
series of complex and for the most part unwelcome choices. This
volume, which includes essays by noted American and European
scholars such as Mira Wilkins, Gerald Feldman, Peter Hayes, and
Wilfried Feldenkirchen, sets business activity in its political and
social context and describes some of the strategic and tactical
responses of firms investing from or into Europe to a myriad of
opportunities and risks posed by host or home country authoritarian
governments during the interwar period. Although principally a work
of history, it puts into perspective some commercial dilemmas with
which practitioners and business theorists must still unfortunately
grapple.
eBook
From Basel to bailouts: forty years of international attempts to bolster bank safety
This article reinterprets the origin and evolution of the Basel Accords. We argue that the Basel I paradigm was very different from the regulatory approaches that had been applied successfully in most European countries since the Second World War. Banking systems relied on a multitude of tools including entry restrictions, liquidity rules, reserve requirements, deposit rate ceilings, lending and investment restrictions, combined with hands-on supervision and discretional interventions. By focusing exclusively on capital adequacy and credit risk, Basel I shifted attention in a very different and somewhat unexpected direction. The Basel regulations are often understood as a reaction to the bank failures of the 1970s and 1980s, but in fact their capital adequacy rules would not have prevented these failures. Indeed, even today, several of these risks are still not addressed by Basel updates, suggesting that the original and current proposals have a rather different raison d’être, placating political constituencies and banking interests.
Journal Article
Escape FDI and the Varieties of Capitalism: Why History Matters in International Business
This paper addresses the need for a stronger perspective of history in International Business research. In order to illustrate this matter, we will discuss the topic of 'escape FDI' as a motive for foreign direct investments (FDIs). While prior research suggests a connection between 'escape FDI' and an economy's degree of societal coordination in a quasi-ahistorical manner, we will argue that 'escape FDI' is an issue that liberal and coordinated market economies alike have witnessed. In fact, the relevance of simple dichotomies, such as coordinated and liberal economies, seems to break down in the face of shifting institutional conditions that are bound to very specific periods. Quite consciously, the present paper combines social science and historical methodologies, in an effort to produce a synthesis that will benefit both approaches to understanding international business and its larger context.
Journal Article
Family Finance: Value Creation and the Democratization of Cross-Border Governance
As Mira Wilkins has argued, there is a curious disconnect between business and financial history (Wilkins 2004). Whereas business history literature has rediscovered the importance of family business in many countries and in many sectors of contemporary commercial life, for example, little has been written about family banking as an alternative to joint-stock, management-run financial institutions. This lacuna is odd for many reasons. First, family banking is one of the best-known examples of family business in history. Second, family banks once played a much greater role in international investment banking than it does today. Third, some family financial institutions are still active (dominant) in certain market segments and countries. This paper will focus on how, when and why family banking lost its position in international (multinational) banking during the first few decades of the twentieth century. Although political upheaval and a widespread movement to reduce the power of private financial institutions undermined their businesses, family banks suffered, too, from America's maturing as a financial center. I will argue that this shift is connected with the increased importance of American markets and financial regulations, which, in the 1930s, deliberately steered financial transactions away from private dealings and toward transparent impersonal exchanges and capital markets with new forms of aggregated capital and individual investors, in which private banks were ill-suited to manage or at the least for which they had no special competitive edge. Using concepts drawn from an earlier paper on family businesses and relying mostly on secondary sources, this paper will further argue that in markets or market segments, such as Leveraged Buyouts, where uncertainty forms a greater part of the transactional environment, family banking still plays a significant role.
Journal Article
Family Finance: Value Creation and the Democratization of Cross-Border Governance
As Mira Wilkins has argued, there is a curious disconnect between business and financial history (Wilkins 2004). Whereas business history literature has rediscovered the importance of family business in many countries and in many sectors of contemporary commercial life, for example, little has been written about family banking as an alternative to joint-stock, management-run financial institutions. This lacuna is odd for many reasons. First, family banking is one of the best-known examples of family business in history. Second, family banks once played a much greater role in international investment banking than it does today. Third, some family financial institutions are still active (dominant) in certain market segments and countries. This paper will focus on how, when and why family banking lost its position in international (multinational) banking during the first few decades of the twentieth century. Although political upheaval and a widespread movement to reduce the power of private financial institutions undermined their businesses, family banks suffered, too, from America's maturing as a financial center. I will argue that this shift is connected with the increased importance of American markets and financial regulations, which, in the 1930s, deliberately steered financial transactions away from private dealings and toward transparent impersonal exchanges and capital markets with new forms of aggregated capital and individual investors, in which private banks were ill-suited to manage or at the least for which they had no special competitive edge. Using concepts drawn from an earlier paper on family businesses and relying mostly on secondary sources, this paper will further argue that in markets or market segments, such as Leveraged Buyouts, where uncertainty forms a greater part of the transactional environment, family banking still plays a significant role.
Journal Article
The Use and Abuse of History as a Management Tool: Comments on Eric Godelier's View of the French Connection
This short essay elaborates on two points raised by Eric Godelier's article about resolving divisions between management science and business history in France. It outlines the segmentation of French higher education, especially in the area of business studies, and discusses some long-standing debates over legitimizing historical studies.
Journal Article
The Use and Abuse of History as a Management Tool: Comments on Eric Godelier's View of the French Connection
This short essay elaborates on two points raised by Eric Godelier's article about resolving divisions between management science and business history in France. It outlines the segmentation of French higher education, especially in the area of business studies, and discusses some long-standing debates over legitimizing historical studies.
Journal Article